1985 (3) TMI 87

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.... for Shri Krishna Das with common arguments, they are disposed of by this consolidated order for the sake of convenience. 2. Both the above assessee are partners in the firm of M/s Krishna Das Radhika Ranjan. Shri Krishnan Das borrowed a sum of Rs. 70,000 from the above firm. Shri Radhika Ranjan, on the other hand, borrowed Rs. 60,000 from the same firm. Both these persons kept the these amount....

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....claim of the assessee was that the debts of Rs. 70,000 and Rs. 60,000 should be allowed from the value of the assets. This claim was in addition to the exemption of the deposits made with the bank. The WTO rejected the claim on the ground that the firm, which had advanced the amount to the assessee, had also taken advantage of the grant of overdrafts on the deposits made by the assessee. 4. Bot....

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....t, are not to be deducted from the value of the assets. In the present case, it cannot be denied that the borrowings of the above assessee from the firm of M/s Krishna Das Radhika Ranjan are the debts which have been incurred in relation to the deposits made by them with the banks. Such deposits, as observed above, are not chargeable to wealth-tax as they have been exempted by the WTO himself. The....